Estate Duty (Amendment) Bill

Bill No. 21/1984

Read the first time on 29th June 1984.

An Act to amend the Estate Duty Act (Chapter 137 of the Revised Edition).

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:

Short title

1. This Act may be cited as the Estate Duty (Amendment) Act 1984.

Amendment of section 6

2. Section 6(1) of the Estate Duty Act (referred to in this Act as the principal Act) is amended —

(a)

by inserting, immediately after the words “1st day of April 1979” in paragraph (j), the words “and before the 1st day of April 1984”; and

(b)

by deleting the full-stop at the end of paragraph (j) and substituting a semi-colon, and by inserting immediately thereafter the following paragraph:

“(k)	in the case of any person dying on or after 1st April 1984 — at the rates specified in the Fourteenth Schedule.”.

Amendment of section 6A

3. Section 6A(3) of the principal Act is amended by inserting, immediately after the words “1st day of April, 1977,”, the words “and before the 1st day of April 1984”.

Amendment of section 10A

4. Section 10A(1) of the principal Act is amended by deleting paragraph (h) and substituting the following paragraph:

“(h)	deposits and balances with members of the Singapore International Monetary Exchange where such deposits and balances are in respect of transactions which qualify for the concessionary rate of tax under section 43D of the Income Tax Act (Cap. 141).”.

Amendment of section 10C

5. Section 10C of the principal Act is amended —

(a)

by inserting, immediately after the words “1st April, 1982,” in the second and third lines of subsection (1), the words “and before 1st April 1984”;

(b)

by inserting, immediately after subsection (1), the following subsection:

“(1A) Subject to this section estate duty shall, in the case of a person dying on or after 1st April 1984, not be payable to the extent of —

(a)	the amount prescribed of the aggregate value of the deceased’s interest in a dwelling-house or dwelling-houses, whether occupied by the deceased or not;
(b)	$500,000 of the aggregate value of all other property, including any interest in any dwelling-house which does not qualify for relief under paragraph (a); and
(c)	the excess over $500,000 (if any) of the aggregate amount standing to the credit of the deceased at the time of his death in the Central Provident Fund and in any designated pension or provident fund, except that no contributions (and the interest thereon) made by the deceased on or after 1st April 1982 to the Central Provident Fund or to any designated pension or provident fund shall qualify for relief under this paragraph unless the contributions were deductible by the deceased under section 39(2)(e) of the Income Tax Act (Cap. 141),

and the amount thereof shall not form part of the principal value of the estate chargeable with estate duty of any deceased person.”;

(c)

by inserting, immediately after the words “subsection (1)” in the third and fourth and in the sixth lines of subsection (2), the words “or of subsection (1A)”;

(d)

by inserting, immediately after the words “subsection (1)” in subsection (3), the words “or of subsection (1A)”;

(e)

by inserting, immediately after the words “1st January, 1981,” in subsection (4)(b)(ii), the words “and before 1st April 1984”; and

(f)

by inserting, immediately after subsection (4)(b)(ii), the following sub-paragraph:

“(iii)

in relation to a person dying on or after 1st April 1984, is $3 million;”.

Amendment of Thirteenth Schedule

6. The Thirteenth Schedule to the principal Act is amended by inserting, immediately after the words “1st APRIL, 1979”, the words “AND BEFORE 1st APRIL 1984”.

New Fourteenth Schedule

7. The principal Act is amended by inserting, immediately after the Thirteenth Schedule, the following Schedule:

“FOURTEENTH SCHEDULE

Section 6(1)(k).

Rates of Estate Duty in the Case of Persons Dying on or After 1ST April 1984

Principal value of the estate

Rate of Duty

For every dollar of the first

...

10,000,000

5 per cent

For every dollar exceeding

...

10,000,000

10 per cent

”.

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